Shield Therapeutics (STX) , a commercial stage pharmaceutical company, issued a business update detailing recent US Q2 2023 performance of its flagship Accrufer treatment for iron deficiency.
The company saw strong prescription growth in Q2 and 1H 2023. Total prescriptions for Q2 increased to 15,800, a 50% rise quarter-on-quarter, and a 173% increase compared to the same period in 2022. In H1 2023 total prescriptions grew to approx. 26,300, an increase of 210% compared to H1 2022, exceeding the total prescription volume for all of 2022.
The substantial growth achieved in H1 2023 puts Shield on track to met its 2023 goal for US Accrufer prescriptions. Besides the 50% quarterly increase in total prescriptions, there was a 63% increase in new prescriptions, a 157% increase in first time writers, and a 73% increase in repeat writers. The growth in prescriptions is accelerating with impressive month-to-month performance - May grew 28% vs April, and June grew 30% vs May.
Investors cheered Accrufer's stellar performance, propelling STX shares 16.4% higher in early trading. Shares are up 41% in the past year.
Accrufer represents a substantial market opportunity as the first and only FDA approved oral iron to treat ID/IDA with a broad label. In order to handle rocketing demand, Shield joined forces with Viatris in May, forming a combined sales team to target the 12,000+ highest US prescribers. Shield also launched its new "Ironic" ad campaign in May with refreshed branding for patients and subscribers, reporting positive feedback in today's update.
In summary, Shield's commercial growth strategy for Accrufer continues to deliver strong results, building on strong FY22 performance that saw perscriptions grow 10x and revenues triple. Shield is well funded following recent financing of £36.6m, expected to support operations through to cash-flow positive, which the company is targeting for Q4 2024. Cash on hand was US$13.6m on 30 June 2023.
Continuing progress in H1 2023 was evidenced not only by consistent quarter-on-quarter prescription growth, but also by meeting or exceeding key KPIs. Momentum is very strong into H2 2023 thanks in part to the successful collaboration with Viatris, which was finalised in May and enabled wider commercial expansion and marketing work. Looking ahead, we expect the momentum in prescriptions to carry over into H2 2023 and beyond.
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